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9/10/24
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Denver-based Rectangle Investment Management (“Rectangle”) has acquired a 39.6k sf industrial building at 20 S. 69th Ave in Phoenix. The price was not disclosed.
The property is fully leased to Action Gypsum Supply, a key regional supplier of building materials. Popular building amenities include a 28’ clear height, secure truck court, dock-high and drive-in loading doors, and 1.29/1,000 parking ratio.
The 20 S. 69th Ave building sits one mile from the I-10 and Loop 202 and just 20 minutes from Sky Harbor International Airport, within a submarket experiencing historic industrial demand and leasing.
Rectangle is the investment management affiliate of Comunale Properties (“Comunale”). This purchase adds to the company’s existing metro Phoenix footprint, which was cemented last year with delivery of Comunale’s award-winning Chandler Connection Class A industrial project in Chandler, AZ.
Its new Phoenix acquisition reflects Rectangle’s ongoing income and growth acquisition strategy (called Private Capital Core™), which targets high-quality infill, small- and shallow-bay, last mile industrial properties in markets with sustainable growth and tenant demand drivers.
Phil Haenel, Foster Bundy and Katie Repine of Cushman & Wakefield represented the property seller in the transaction.
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